Archive for the ‘mortgages’ Category
June 6th, 2011 | 
Author: Is it Time to Foreclose on Your Bank?
www.triplepundit.com12/5/11
A look back at the role of corporate banks during the financial crisis of 2008 and a look at other options such as Community Development Financial Institutions (CDFIs).
Daily Kos: Bank foreclosing on businesses that have paid their …
www.dailykos.com12/24/11
First off, how in the hell can it be legal for a bank to foreclose on a loan if the payments have been made on time? Second, less operating income and falling property values “Compelled the bank to act.” Seriously? We are in …
It certainly is a changing globe!
Five months ago Bank of America filed foreclosure papers on a Florida couple who didn’t owe anything on their home.
The homeowner’s, the Nyergers, were later forced to take the case to court because Bank of America refused to accept their proof that they’d paid cash for their home.
A Collier County judge immediately accepted the family’s evidence, confirmed the Nyergers’ claims, and told Bank of America to pay all legal fees.
The bank refused, and the family’s attorney did exactly what the bank had tried to do to his clients, he seized the bank’s assets.
A truck and sheriffs arrived at the bank with orders to remove assets from the bank and within an hour of being locked out of his bank, the branch manager handed over a check for the legal fees.
Posted in consumer, economy, finance, financial, financial system, foreclosure, home mortgage, homebuyers, homeowners, mortgage company, mortgages, properties, US banks, US economy, USA | 
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French Critical Of UK Economy, While IMF Warn Of “Gloomy” Global …
thewealthnews.com12/16/11
The French Finance Minister, Francois Baroin, has described the economic situation in the UK as being “very worrying”, while the IMF warn of a “gloomy” global outlook.
UK Economic Data Weakens, GBP to Follow « FXTimes – Forex …
www.fxtimes.com12/15/11
The economic data from the UK this week was a disappointment and may point to further GBP weakness in the coming months as the market fully prices in further quantitative easing from the Bank of England. We review the …
The Good News
The stock market has started the year strongly, and Sterling is up against the dollar and was even rising against against the Euro, until the Chinese bought huge quantities of euro debt
this week.
The Bad News
The threat of inflation is now blindingly apparent and the Bank of England would surely have liked to raise interest rates this week, but what that would that have done to a housing market that’s already heading south; or to those people with other, shorter-term debts, whose price would have become even more suffocating?
For many of them, the day of reckoning has been long postponed, but now it may be just weeks away
The French And Support For The Euro
François Fillon, the very polite, courteous and rather successful French prime minister, went to London this week and seemed to take for granted Great Britain’s continued support of the euro, arguing that its economic future depended upon it, too. He exaggerated of course, but he did so because of the great and in my opinion unjustified fear in France that the game is up for their currency.
"Unjustified"?
Yes, because it’ hard to see why there is this fear since if the euro went under, then the French could simply return to the franc and find themselves able to widen their export markets, because everything would be cheaper.
France’s financial sector, along with Britain’s, would come under heavy pressure because of their exposure to euro debt, but these were risks taken by banks, and they would just have to bear them.
The Banks
In the same way that a Government has no business telling banks what they can pay their staff, it has no business continually bailing them out either.
The UK Government
UK politicians have encouraged the thought over the past couple of months that while things are still very difficult, and hardships inevitable, that the worst is already over, but it’s likely that what they’re really saying is that no more pain will be inflicted in the near future.
Outside Factors
What’s not being mentioned however is that factors beyond their control will soon start to kick in such as;
An external blow to the economy, whether in the shape of the euro ceasing to defy gravity, or simply more bad news from America,
Taxes
UK taxes remain far too high, and are as serious obstacle to recovery and if a recovery has to start from an even lower base, then the obsession with not cutting taxes in case some "rich" person, possibly even an evil banker becomes richer will have to be jettisoned once and for all.
Bankruptcies, Business Failures And Unemployment
Even without external shocks, interest rates must rise, and they’ll cause personal bankruptcies and business failures to rise with them and unemployment will rise too.
House prices will fall, and most likely the stock market too, but the UK cannot postpone indefinitely the final acceptance that it must live within its means.
Growth
Growth is the only way out and it will require the Government stimulating demand and although it won’t be easy, some kind of action is necessary because paralysis is nearly always fatal.
